How much cash you have from sale once you pay off mortgage, Finance Basics

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How much cash you have from sale once you pay off mortgage

Problem

You have just sold your house for $1,100,000 in cash. Your mortgage was originally a 30-year mortgage with monthly payments and an initial balance of $800,000. The mortgage is currently exactly 1812 years old, and you have just made a payment. If the interest rate on the mortgage is 6.25% (APR), how much cash will you have from the sale once you pay off the mortgage?

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